Silver Price Analysis: XAG/USD hesitates around $22.60

Silver prices whipsaw between $22.35 and $22.75 before returning to previous ranges.
Precious metals' upside attempts remain limited by US dollar strength
XAG/USD treading water around $23.50.

Guillermo Alcala FXStreet

Silver futures have whipsawed between $22.35 and $22.75 on Tuesday, to consolidate near $22.60 during the US trading session. On the daily chart, the precious metal remains practically unchanged with upside attempts weighed by US dollar strength

Silver prices pull back as the US dollar bounces up

Silver and other precious metals appreciated earlier on Tuesday, fueled by a moderate risk aversion on rising concerns about the economic consequences of surging inflation. Beyond that, the negative opening of US Treasury bonds weighed on the US dollar, driving silver prices somewhat higher.

The precious metal’s rally, however, has been short-lived. The US dollar has bounced up, with US T-Bond yields regaining lost ground, with the market anticipating the market pricing the upcoming announcement of QE tapering by the Federal Reserve. The US Dollar Index has bounced up above $94.25 earlier today to extend towards year-to-date highs beyond 94.50.

XAG/USD: treading water between $22.20 and $23.15

From a technical perspective, the pair remains moving within a horizontal range. On the upside, September 22, October 8 highs, at $23.15 remain the main obstacle to extend gains towards 14, 16 September highs, at $24.00, and of September 3 high at $24.87.

On the downside, immediate support lies at $22.15 (October 6 low) and below here, $21.37 (September 29 low) and 20.75 (50% Fibonacci retracement of the March-August 2020 rally.

Technical levels to watch

XAG/USD

Overview
Today last price	22.52
Today Daily Change	-0.06
Today Daily Change %	-0.27
Today daily open	22.58

Trends
Daily SMA20	22.63
Daily SMA50	23.43
Daily SMA100	24.94
Daily SMA200	25.62

Levels
Previous Daily High	22.82
Previous Daily Low	22.5
Previous Weekly High	23.19
Previous Weekly Low	22.21
Previous Monthly High	24.87
Previous Monthly Low	21.42
Daily Fibonacci 38.2%	22.62
Daily Fibonacci 61.8%	22.7
Daily Pivot Point S1	22.44
Daily Pivot Point S2	22.31
Daily Pivot Point S3	22.12
Daily Pivot Point R1	22.77
Daily Pivot Point R2	22.96
Daily Pivot Point R3	23.1

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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